---
title: "Glossary"
url: https://docs.truemarkets.co/getting-started/glossary
description: "The terms these docs use, in the order you meet them."
---

Docs index: https://docs.truemarkets.co/llms.txt

# Glossary

The terms these docs use, in the order you meet them.

## Who trades

| Term | Meaning |
| --- | --- |
| API trader | Someone who trades their own True Markets account from code, with the [Trading API](https://docs.truemarkets.co/trading-api). |
| Gateway client | A business that builds on [Gateway](https://docs.truemarkets.co/gateway) so its customers can trade inside its app. |
| institutional client | A firm that trades directly on the True Markets exchange over REST or FIX. See [Institutional](https://docs.truemarkets.co/institutional/overview). |

## Accounts

| Term | Meaning |
| --- | --- |
| organization | A Gateway client's account. It represents your business. |
| admin | Someone on your team who signs in to the developer console. |
| user | One of your customers, created by you through the API. Users never sign in to True Markets. We return a `user_id`, and you keep your own id for the customer in `external_ref_id`. |
| wallet | Where a user's or an API trader's funds live. A user gets one wallet per chain family when you create them. |

## Keys and tokens

| Term | Meaning |
| --- | --- |
| API key | An API trader's key, created in the app. It mints your token and signs your own wallet transactions. |
| organization API key | A Gateway client's key, created in the developer console. It mints your organization token and signs nothing else. |
| signer key | A key whose public half is registered on a wallet. Only its signatures, together with our approval, can move that wallet's funds. |
| token | What you send in `Authorization: Bearer` on each call. You mint it from your API key, and it expires. |
| `TM-On-Behalf-Of` | The header that names which of your users a Gateway request acts for. |

## Trading

| Term | Meaning |
| --- | --- |
| asset catalog | The public list of everything we trade. Each entry's `id` is the `asset_id` you place orders with. |
| venue | Where an asset trades, as the catalog reports it. |
| quote | The price, expected output and fee for a `defi` order. It comes back with the order and expires quickly. |
| payload | An unsigned transaction that an order or transfer returns. Nothing moves until you sign it. |
| signature | One signed payload. You send your signatures in `signatures[]` when you execute. |